Crude Down As Investors’ Focus Shifted To Lacklustre Demand & Ample Fuel Supplies

  • 11 months ago
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Crude oil yesterday settled down by -4.63% at 2903 as investors’ focus shifted to lackluster demand and ample fuel supplies, offsetting support from a weak dollar. oil and fuel stockpiles fell sharply last week as Hurricane Laura shut offshore production and refining facilities, the Energy Information Administration said.
 
 
Crude inventories fell by 9.4 million barrels in the week to Aug. 28 to 498.4 million barrels, according to data, compared with expectations for a 1.9 million-barrel drop. That was driven by a record fall in production, which dropped by 1.1 million barrels per day to 9.7 million bpd, its lowest since January 2018, as most U.S. offshore facilities were shut as a precaution ahead of Laura.
 
 
U.S. crude oil production last week fell by 1.1 million barrels per day (bpd), its biggest decline on record, Energy Information Administration data showed. Crude output decreased to 9.7 million bpd the week to Aug. 28, the lowest level since January 2018, EIA data showed. Meanwhile, U.S. Gulf Coast crude imports fell to 781,000 bpd, the lowest on record. U.S. oil production rose in June but did not fully recover from a dramatic plunge in May, according to a government report.
 
 
Technically market is under fresh selling as market has witnessed a gain in open interest by 18.9% to settled at 2302 while prices down -141 rupees, now Crude oil is getting support at 2837 and below the same could see a test of 2771 levels, and resistance is now likely to be seen at 3019, a move above could see prices testing 3135.            
 
 
Trading Ideas:   
#             Crude oil trading range for the day is 2771-3135.
#             Crude oil prices slipped, as investors’ focus shifted to lackluster demand and ample fuel supplies, offsetting support from a weak dollar.
#             U.S. crude stocks drop 9 mln bbls, record fall in output amid hurricane – EIA
#             U.S. crude oil production last week fell by 1.1 million barrels per day (bpd), its biggest decline on record – EIA

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